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Registration number: 00351587

J. Roberts Bronze Components Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

J. Roberts Bronze Components Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 23

 

J. Roberts Bronze Components Limited

Company Information

Directors

Mr Michael James Richards

Mr Robert John Salisbury

Mr James Michael Salisbury

Registered office

Westley Group Limited
Doulton Road
Cradley Heath
West Midlands
B64 5QS

Auditors

Walker Hubble
5 Parsons Street
Dudley
West Midlands
DY1 1JJ

 

J. Roberts Bronze Components Limited

Strategic Report for the Year Ended 30 June 2023

The directors present their strategic report for the year ended 30 June 2023.

Principal activity

The principal activity of the company is a property rental company.

Fair review of the business

MR to provide wording

The company received rental income of £77,430 during the period. Expenses which mainly relate to the servicing of the legacy pension scheme totalled £39,172 so the company made a profit of £38,258.

Principal risks and uncertainties

The management continually monitors the key risks facing the business as well as assessing the controls used for managing these risks.

The company leases its land and buildings to two of its sister companies within the group. The security of this investment is therefore linked to the performance of those companies. The management of the company also control the management of the sister companies and therefore monitors and controls the risks those companies face to ensure the overall risk is controlled.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr Michael James Richards
Director

 

J. Roberts Bronze Components Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Michael James Richards

Mr Robert John Salisbury

Mr James Michael Salisbury

Environmental matters

We have considered the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate related information, with an emphasis on financial disclosure. The Company considers respect for the environment as a core value of the company. The Company has an approved environmental policy which sets out the guiding principles which it must adopt and observe. Under this policy the Company pursues strategic goals, taking into account the available technologies and recources, with the aim of progressively improving environmental performance.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Walker Hubble are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr Michael James Richards
Director

 

J. Roberts Bronze Components Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

J. Roberts Bronze Components Limited

Independent Auditor's Report to the Members of J. Roberts Bronze Components Limited

Opinion

We have audited the financial statements of J. Roberts Bronze Components Limited (the 'company') for the year ended 30 June 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

J. Roberts Bronze Components Limited

Independent Auditor's Report to the Members of J. Roberts Bronze Components Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identified and assessed the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations. Our procedures included enquiry of management and performing analytical review procedures to identify any unusual relationships that may indicate a material misstatement. We also tested the appropriateness of journals to address the risk of fraud through management override of controls. We performed appropriate testing in respect of the risk of fraud in revenue recognition through a review of margins, sales cut off procedures and by performing existence and valuation testing of trade debtors.

Relevant laws and regulations, together with potential fraud risks, were communicated to the audit engagement team at the planning stage to ensure they remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

 

J. Roberts Bronze Components Limited

Independent Auditor's Report to the Members of J. Roberts Bronze Components Limited (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

J. Roberts Bronze Components Limited

Independent Auditor's Report to the Members of J. Roberts Bronze Components Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Gavin Richard Pearson (Senior Statutory Auditor)
For and on behalf of Walker Hubble, Statutory Auditor

5 Parsons Street
Dudley
West Midlands
DY1 1JJ

20 February 2024

 

J. Roberts Bronze Components Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(12,606)

(12,695)

Other operating income

3

77,430

45,360

Operating profit

4

64,824

32,665

Other interest receivable and similar income

5

5,000

-

Interest payable and similar expenses

6

(31,566)

(32,088)

   

(26,566)

(32,088)

Profit before tax

 

38,258

577

Tax on profit

10

(3,060)

-

Profit for the financial year

 

35,198

577

The above results were derived from continuing operations.

 

J. Roberts Bronze Components Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

35,198

577

Surplus on property, plant and equipment revaluation

-

5,262

Remeasurement gain on defined benefit pension schemes

182,000

158,000

Deferred Tax movement

(53,000)

(41,891)

129,000

121,371

Total comprehensive income for the year

164,198

121,948

 

J. Roberts Bronze Components Limited

(Registration number: 00351587)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

832,396

841,380

Current assets

 

Debtors

12

538,366

609,059

Cash at bank and in hand

 

9,847

2,290

 

548,213

611,349

Creditors: Amounts falling due within one year

14

(32,054)

(109,372)

Net current assets

 

516,159

501,977

Net assets excluding pension asset/(liability)

 

1,348,555

1,343,357

Net pension asset 1

15

260,250

101,250

Net assets

 

1,608,805

1,444,607

Capital and reserves

 

Called up share capital

364,242

364,242

Capital redemption reserve

400

400

Revaluation reserve

441,883

441,883

Retained earnings

802,280

638,082

Shareholders' funds

 

1,608,805

1,444,607

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr James Michael Salisbury
Director

 

J. Roberts Bronze Components Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

364,242

400

441,883

638,082

1,444,607

Profit for the year

-

-

-

35,198

35,198

Other comprehensive income

-

-

-

129,000

129,000

Total comprehensive income

-

-

-

164,198

164,198

At 30 June 2023

364,242

400

441,883

802,280

1,608,805

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2021

364,242

400

436,621

521,396

1,322,659

Profit for the year

-

-

-

577

577

Other comprehensive income

-

-

5,262

116,109

121,371

Total comprehensive income

-

-

5,262

116,686

121,948

At 30 June 2022

364,242

400

441,883

638,082

1,444,607

 

J. Roberts Bronze Components Limited

Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

35,198

577

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

8,985

8,985

Finance income

5

(5,000)

-

Finance costs

6

31,566

32,088

Income tax expense

10

3,060

-

 

73,809

41,650

Working capital adjustments

 

Decrease in trade debtors

12

67,633

893

(Decrease)/increase in trade creditors

14

(77,319)

32,034

Decrease in retirement benefit obligation net of actuarial changes

15

(30,000)

(49,000)

Net cash flow from operating activities

 

34,123

25,577

Cash flows from investing activities

 

Interest received

5

5,000

-

Acquisitions of tangible assets

-

(366)

Proceeds from sale of tangible assets

 

-

5,263

Net cash flows from investing activities

 

5,000

4,897

Cash flows from financing activities

 

Interest paid

6

(31,566)

(32,088)

Net increase/(decrease) in cash and cash equivalents

 

7,557

(1,614)

Cash and cash equivalents at 1 July

 

2,290

3,904

Cash and cash equivalents at 30 June

 

9,847

2,290

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Westley Group Limited
Doulton Road
Cradley Heath
West Midlands
B64 5QS
England

The principal place of business is:
Gladstone Works
St Peg Lane
Cleckheaton
West Yorkshire
BD19 3SL

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit and loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due, If contribution payments exceed contributions due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

The company operates a defined benefit pension scheme. Amounts in respect of current and past service costs are recognised as an employment expense within operating profit. Expected returns of the scheme and interest on the present value of the schemes liabilities are included net within other interest payable or receivable. All actuarial movements of the pension surplus/deficit are recognised through the Statement of Comprehensive Income.

Financial instruments

Classification
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
 Recognition and measurement
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reported end date.
Financial guarantee contracts
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price and subsequently carried at amortisation cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

3

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Rental income

77,430

45,360

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,985

8,985

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

5

Other interest receivable and similar income

2023
£

2022
£

Other finance income

5,000

-

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

268

-

Other finance costs

31,298

32,088

31,566

32,088

7

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

3

3

3

3

8

Directors' remuneration

There has been no directors remuneration included in the financial statements for this year or the previous year, the remuneration of the directors is disclosed in the financial statements of the ultimate controlling party Musgrave Holdings Limited.

9

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

1,750

900

Other fees to auditors

Taxation compliance services

1,000

710

All other assurance services

750

660

1,750

1,370


 

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

10

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

3,060

-

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 20.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

38,258

577

Corporation tax at standard rate

7,841

110

Increase from effect of different UK tax rates on some earnings

10,099

10,054

Effect of revenues exempt from taxation

38,120

30,020

Effect of expense not deductible in determining taxable profit (tax loss)

-

1,707

Deferred tax reported in Other Comprehensive Income

(53,000)

(41,891)

Total tax charge

3,060

-

11

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2022

850,366

850,366

At 30 June 2023

850,366

850,366

Depreciation

At 1 July 2022

8,985

8,985

Charge for the year

8,985

8,985

At 30 June 2023

17,970

17,970

Carrying amount

At 30 June 2023

832,396

832,396

At 30 June 2022

841,380

841,380

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

11

Tangible assets (continued)

Revaluation

The fair value of the company's Freehold Land and Buildings was revalued on 16 July 2021 by an independent valuer.
The Freehold Land and Buildings class of fixed assets was revalued on 16th July 2021 by Cushman & Wakefield, a company which is external to the company. The basis of this valuation was prepared in accordance with the RICS valuation - Global Standards. This class of asset has a value of £850,365 and carrying amount at historic cost of £520,382 (2022 - £520,382) The depreciation on this historic cost is £17,970 (2022 - £8,985).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £520,382 (2022 - £520,382).

Included within the net book value of land and buildings above is £832,395 (2022 - £841,381) in respect of freehold land and buildings.
 

12

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

17

306,808

398,134

Other debtors

 

13,994

1,698

Prepayments

 

12,141

744

Deferred tax assets

10

205,423

208,483

   

538,366

609,059

Less non-current portion

 

(205,423)

(208,483)

 

332,943

400,576

13

Cash and cash equivalents

2023
£

2022
£

Cash at bank

9,847

2,290

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

14

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

28,506

20,562

Amounts due to related parties

17

-

97,623

Other payables

 

-

(12,475)

Accruals

 

3,548

3,662

 

32,054

109,372

15

Pension and other schemes

Defined benefit pension schemes

J Roberts Bronze Components Limited Pension and Assurance Scheme

The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with insurance companies.

The date of the most recent comprehensive actuarial valuation was 30 June 2023. This valuation was undertaken to meet the requirements of accounting standard FRS 102 issued by the UK Accounting Standards Board.

The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £(5,000) (2022 - £1,000).

The total cost relating to defined benefit schemes for the year included in the cost of an asset was £Nil (2022 - £Nil.

The most recent Actuarial Valuation was carried out on 30th June 2023. The valuation was prepared by Joanne Cummings FIA of Broadstone Pensions Limited.
The policy transaction statement for the scheme year ending 30 June 2023 showed the Policy Market Value at the end of the period amounting to £1,026,000.

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the balance sheet are as follows:

2023
£

2022
£

Fair value of scheme assets

1,026,000

996,000

Present value of defined benefit obligation

(679,000)

(861,000)

347,000

135,000

Other amounts recognised in the balance sheet

(86,750)

(33,750)

Defined benefit pension scheme surplus

260,250

101,250

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

15

Pension and other schemes (continued)

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

2023
£

Present value at start of year

861,000

Interest cost

32,000

Remeasurement losses/(gains) on defined benefit obligations

(189,000)

Benefits paid

(25,000)

Present value at end of year

679,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

2023
£

Fair value at start of year

996,000

Interest income

37,000

Remeasurement gains/(losses) on assets

(7,000)

Employer contributions

25,000

Benefits paid

(25,000)

Fair value at end of year

1,026,000

Analysis of assets

The major categories of scheme assets are as follows:

2023
£

2022
£

Cash and cash equivalents

99,000

74,000

Equity instruments

317,000

384,000

Property

87,000

96,000

Investment funds

523,000

442,000

1,026,000

996,000

Return on scheme assets

2023
£

2022
£

Return on scheme assets

30,000

(67,000)

The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

15

Pension and other schemes (continued)

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date are as follows:

2023
%

2022
%

Discount rate

5.20

3.75

Future pension increases

2.50

2.50

Inflation (RPI)

3.40

3.40

Post retirement mortality assumptions

2023
Years

2022
Years

Current UK pensioners at retirement age - male

21.00

22.00

Current UK pensioners at retirement age - female

24.00

24.00

Future UK pensioners at retirement age - male

22.00

23.00

Future UK pensioners at retirement age - female

25.00

25.00

16

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

364,242

364,242

364,242

364,242

         

17

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with its parent company.
 

Summary of transactions with subsidiaries

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with fellow subsidiary companies.
 

 

J. Roberts Bronze Components Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

18

Parent and ultimate parent undertaking

The company's immediate parent is Westley Group Limited, incorporated in England.

 The ultimate parent is Musgrave Holdings Limited, incorporated in England.

  These financial statements are available upon request from
Doulton Road
Cradley Heath
West Midlands
B64 5QS